NEW YORK: Vice Media, once the darling of the digital news media world, said on Monday (May 15) it had filed for Chapter 11 bankruptcy protection to facilitate its sale. Millennial-focused Vice, known for its edgy news and lifestyle content, had been among the rising stars of a new breed of digital media f
as ad revenues dried up and both had struggled to attract new investments, taking on debt to stay afloat.Vice, which had once attracted major funding from Disney and Fox, among others, cancelled its signature show Vice News Tonight and laid off 100 people in late April.
"Vice serves a huge global audience with a unique brand of news, entertainment and lifestyle content," Vice's co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a statement. "We look forward to completing the sale process in the next two to three months and charting a healthy and successful next chapter at Vice."
It cultivated a"bad boy" image and its success captured the attention of the media world as it connected with young audiences.
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